Luton, Bedfordshire, United Kingdom, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Bio Based Paraxylene Market.
According to the latest market research completed and published by Exactitude Consultancy, the market is expected to grow at a CAGR of more than 7.2% over the forecast period from 2023 to 2029. This would grow the market size (USD) from USD 12.58 Billion in 2022 to USD 20.46 Billion in 2029.
The report discusses the market considering the key market players, their brands, and the advancements made in the Bio-Based Paraxylene Market. Other critical aspects of the market considered while writing the report are the requirements recognizing the properties of Paraxylene and its applications in several end-user.
Bio-based paraxylene is made of renewable raw materials, such as glucose, starch, cellulose, and vegetable oils. The benefit of using these raw materials is that they may be processed and reused in an existing recycling process. It also contributes to sustainability goals by reducing greenhouse gas emissions by up to 70% when compared to petrochemical paraxylene. Owing to its harmful properties, various government and environmental organizations have enforced regulations for the development of bio-based paraxylene.
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The demand side growth is attributed to the rising awareness about the use of petrochemical products, increased environmental concern, and increased demand for bio-based products and substitutes for conventional products.
The market definition, report scope, and market segments considered for the study:
An aromatic hydrocarbon is p-xylene, commonly known as paraxylene. It is one of the three isomers of dimethyl benzene that are referred to as xylenes as a whole. The benzene's opposed carbons are where the methyl groups are located. A colorless liquid with a high level of flammability is propylene. It is a component of BTX (Benzene, toluene, and xylenes) aromatics and is typically manufactured by catalytic reforming of naphtha. One significant chemical utilized in the manufacturing of PET bottles and polyester fibers is p-xylene.
The market will grow as a result of rising demand for PET bottles, resin, fibers, and other goods from the food and beverage, textile, personal care, pharmaceutical, and cosmetic industries. The market will also benefit from rising demand for PTA derivatives such as dimethyl terephthalic acid, terephthalic acid, and terephthalic acid.
Bio Based Paraxylene Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 12.58 Billion in 2022 |
| Revenue forecast in 2029 | USD 20.46 Billion in 2029 |
| Growth rate | CAGR of 7.2% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2023 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | Virent Inc., Ineos, Renmatix Inc., Anellotech Inc., Origin Materials, GEVO, Avantium, BASF SE, and Toray Industries Inc. |
| Key Market Opportunities | Increased environmental concern is an opportunity to accelerate the growth of the worldwide bio-based paraxylene market in the coming years. |
| Key Market Drivers | Tthe difficult manufacturing process connected with bio-based paraxylene, as well as technological restrictions, are limiting Bio-Based Paraxylene market expansion. |
| Pricing and purchase options | The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. |
Competitive landscape and companies covered:
Some of the major players in this industry have taken a leadership position while trying to establish their market through innovative marketing strategies. These leading firms focus on expanding by developing new products or partnering with other companies for strategic initiatives that will help them conquer markets they occupied previously and make gains where it matters most- at home (geographic). There are a lot of local players in each of the regions who are trying to penetrate the market which again can be disruptive in low-income economies.
The global leaders in this market have been dealing with continuous inclusions towards the growth and application of this market. To increase their market position, these businesses have implemented a variety of growth tactics.
- In January 2021 Ineos, a leading petrochemical company, announced the completion of the purchase of global Aromatics and Acetyls businesses from BP for approximately USD5 Billion. The transaction was first revealed in late June 2020. The company states the acquisition will expand its geographic reach and portfolio. The businesses by Ineos will be named Ineos Aromatics and Ineos Acetyls.
- In January 2020, Germany-based chemical company, BASF SE acquired the polymer business of the leading Belgian chemical company, Solvay S.A. This acquisition is expected to fortify the market position of BASF SE in the chemical sector
Major players operating in the global Blood screening market include Virent Inc., Ineos, Renmatix Inc., Anellotech Inc., Origin Materials, GEVO, Avantium, BASF SE, and Toray Industries Inc.
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The research focuses on the segmentations of the Blow molding resins market and the kind of application they provide in several end-use industries; the market is always expected to witness growth due to increasing segments for application:
- - The different sources of Bio-Based Paraxylene are Sugar based on Aromatics Stream, and Isobutanol source.
- Para-xylene (PX) is produced using renewable Isobutanol. Additionally, Isobutanol is used to make sustainable paraxylene, PET, fuel blends for small engines, and ATJ bio-jet. The production of p-xylene as an intermediate for the PET plastic industry is the main driver behind the development of bio-based isobutene. This makes it possible to remove bio-based Isobutanol and bio-based p-xylene from the bioplastic manufacturing process and use them as solvents.
- One sustainable source for renewable C6 aromatic compounds is the sugar produced by saccharifying biopolymers. These sugars can be transformed catalytically into highly valuable industrial chemicals like p-xylene. The final stage in producing p-xylene from glucose produced by biomass is the Diels-Alder cycloaddition followed by the dehydration of 2,5-dimethylfuran (DMF) and ethylene to get p-xylene.
- - Bio-terephthalic acid (Bio-TPA), Bio-based polyethylene terephthalate (Bio-PET), polytrimethylene terephthalate (PTT), Polybutylene terephthalate (PBT) are the major application segments of this market.
- As bio-based paraxylene is the main raw material used to produce PET, the industry for Bio-PET soft drinks and mineral water bottles is anticipated to grow. The sustained demand for PTA in packaging and polyester applications is anticipated to positively impact the growth of bio-based paraxylene. The global market for bio-based paraxylene is expected to profit shortly from the expanding spectrum of applications.
- - The major end-user segments in this market are food and Beverages, and Packaging.
PTA is widely used for packaging, and the beverage industry demands PET-made bottles and containers. These recyclable and disposable renewable materials allow for a decrease in production costs. Ultimately, resulting in less environmental damage.
Regional Growth Insights:
The regional insights of the Bio-Based Paraxylene market are bifurcated by regions like North America, Asia Pacific, Europe, and the Rest of the world
The global Bio-Based Paraxylene market is dominated by Europe with about 37% market share. Due to the rise in investment in the green economy European market has maintained stable growth in this market. This region includes countries like the UK, Germany, France, Italy, Spain, Russia, and the Rest of Europe.
North America is the second largest contributing region in this market. This region includes the USA, Canada, and Mexico, The USA market is dominated by this region with a lot of investment in research and development for bio-based products.
Asia Pacific is the key consumer of petrochemical paraxylene, and in sync with the shift towards green technology is expected to witness above-average growth in recent years for bio-based PX. Increasing investment in renewable chemicals in Japanese chemical firms is expected to give a positive outlook for the market.
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The bio base paraxylene market is growing due to the growing environmental concerns:
Several countries and environmental organizations have set restrictions on the production of paraxylene due to its characteristics as being colorless, toxic, highly flammable, and hazardous. Renewable raw materials like glucose, starch, cellulose, and vegetable oils are used to make bio-based paraxylene. Utilizing these raw materials has the advantage that they can be treated and used again in an already-established recycling process. This factor is influencing the growth of the market.
Objectives of the research and the key questions answered:
The research report has been written keeping in mind the following stakeholders: the Plastic Industry, Chemical Industry, the Scientific research organization, Food & Beverage Industry, Pharmaceutical Industry, and laboratory, and the research personnel.
The key questions answered in the report are:
- - What segments are covered in the bio-based paraxylene market report?
- - Who are the key players in the bio-based paraxylene market?
- - Which is the highest-growing region in the market?
- - What are the properties of bio-based paraxylene?
- - Which is the highest-growing application for the blow molding resin market in terms of sales?
- - Which segment holds the maximum share of the bio-based paraxylene market?
- - What are the factors affecting the market growth and restraints?
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